Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-12-14
THE GOVERNORS MESSAGE.

THE GOVERNORS MESSAGE.
COMMONWEALTH OF VIRGINIA,
GOVERNORS OFFICE.
RICHMOND, Va, December z, 1871
To the General Assembly:
As required by law, I have the honor to
communicate to you the condition OF the
Commonwealth, ;" and to recommend such
measures as will, in my opinion, promote the
prosperity of the State. The Legislature
convenes at propitious period in the his
tory of Virginia; prospe rous future points
to peace and progress within her limits, and
wise DEGREES and economic laws will be ex-
pected and demanded by the people OF their
representatives. My executive duties began
on the first of January, 1886. The Legis-
Iature of 1886 was already in session
The vexatious sore on the body polite was
the public debt, and it was an ulcer tender
to the touch of citizens within and without
the limits of the State. Political parties
were weary of its pain and Jaded Com
monwealth lamented its duration. win
the belief that from sound state OF puolic
health would freely flow multiplied bless
ings. my attention was at once directed to
such sanitary measures as would produce
results SO much to be desired. 1t was clear
" the initial point upon which the Execu-
tive work should begin.
After careful reflection, was convinced
that a conference between the State and the
representatives of her creditors would not
be Injurious to either and might be beneh-
cial to both. In message communicated
to the General Assembly February 16rh-
1887. I therefore recommended that com,
mittee be appointed whose duties should be
plainly defined, whose powers should be
carefully prescribed, guarded and limited,
and whose business should be to meet
commission from the creditors; and while
urging them to accede to settlement
whose obligations the State could meet
without increasing the burdens of her people
to point out at the same time the vast I'M
tried and unexpeuded power which always
resides with resolute and united people.
and caution them against arousing pubic
sentiment which, forgetful of justice and
taking counsel of passion. might destroy
the interests which we were striving TO
protect.
The propriety of the proposed course was
not received by the Legislature with that
unanimity so essential to a successful soiu-
ton of the problem, and resulted in no &C
ton being taken by that body.
A desire to promote the public welfare
decided me to call an extra session OF the
same body to meet in this city on the 18Th
of March, 1887. The recommendation which
/ made to them the previous year for the
appointment OF commission was renewed,
and this time was adopted by vote in the
Senate of % ayes to 10 noes, and by vote
in the House of 50 ayes to noes. A joint
committee Of four members from the SEN
ate and six from the House inclusive OF the
presiding officers of each body, accordingly
met in this city on the 29th OF April last.
After laborious session OF several weeks
/ regret to say that the joint commission ad'
burned without reaching settlement.
To the final report of the Legislative
Committee known as State Document NO.
IS, you are referred for information regard
ing their conference with the bondholders'
commission. If the final proposal OF the
English representatives had been accepted
by our committee and the outstanding obll
cations of the State funded under the terms
proposed, it would have resulted in the State
having to make provision for the redemp-
lion of principal of debt OF S24, OOO, 3D.
and the payment of an annual interest Of
1922, sos. A careful estimate of the availa
BILE revenue for that purpose determined
her inability to meet this demand. In any
settlement embracing annual payments
greater than the State could meet with hel
present income default in the payment O
interest would arise, carrying, with hope
removed, a repetition of the experience de
rived from she States Pandora box the
Funding bill of 1871 AS far as could bt
ascertained the English Commission repre-
seuted about so per cent. OF the conso
bonds, and about 80 per cent. OF the ten
forties ; the remaining bonds of the las
denomination being held in this country
It was therefore thought if settlemen
10, 40 -. 4, h., Itch, hou6 nnl1
ers it would probably have extended tt
bonds held by others. No disposition wa
manifested ON the part Il Sir Edward
Thornton and his associates to make {
settlement which would involve any III
crease of taxes; they professed to be will
ing TO settle upon the amount which woult
be left of the States revenue after all 9th
er necessary expenses had been betrayed.
They would not accept the States figure
as to that amount nor could we accep
their estimate.
The conference though unsuccessful Wa
in some respects beneficial; it located will
greater certainty than ever before the obi
cations of the State. A desire npon tn
part of the Commonwealth to make set
Element within her ability to pay was man
ifested; while she declared positively tina
the benefit the children of her citizens wa
be decreased. Sue insisted that fostering
care should be extended over the insan e
and proclaimed that her protecting arm
should be thrown about the disabled sodie
and sailor, whose wounds so eloquently Ger
titled his devotion to his State.
Tue action of the Legislature in the ap
pointment of the joint committee, and TIT
proceedings of that committee received thu
endorsement of the people at the polls; TO
in the recent elections of the members o
n this Legislature, no words of dissent cam
from the lips of either party, and so far
know, the mode of the settlement OF thu
public debt was not matter of discussion
between them. From such premises thl
conclusion is reached that both parties ar
united in maintaining the act approved
February IA, 1889. Can the State still NEE
tho obligations of that measure without al
increase Of taxation In my message to thu
extra session of the last Legislature will b.
found carefully prepared estimate of an
nual expenses of the government, based up
on the present annual appropriations Il
public free schools, eleemosynary institu
tions, and institutions of learning, which
Y do not include anything for the construc
ton of new buildings or enlargement o
those now owned by the State. That tabl'
s applicable now, and | respectfully cal
pur attention to it in the appendix to thu
essage marked 'sTable No. l."
An examination Of it demonstrates tina
lugive of interest on the debt except the
pnt to institutions of learning, which il
paid on the unfunded bonds held b.
the average annual of the expendi
Ihres Of the State will be $2,057, 1884.
In communication from the Auditor Of
Public Accounts transmitting an estimate
of the annual receipts of the Commonwealth
from all sources, based upon the assess
ments of 1886, in response to resolution
n of the Senate adopted 18th March, 1887
the annual revenue Of the State is set dowr
at 50. 521, S75.94. A copy of this table ii
also appended, marked Table No. 2.
From these statements it is ascertaine(
that<the revenue Of the State applicable tt
the PAYMENT of the interest upon bonds 9th
or thar hose held by institutions Of learn
: ing is $464 756 90, The annual interest t,
be provided for if all outstanding obliga
lions were funded into bonds under the ac
s.pproved Feb'y 18th. 1882, except thos,
held nv instutiona of learning wopiA h.